YOU MAY NEVER SEE BITCOIN AT THIS PRICE | MOVING UP RIGHT NOW | AFTER BAKKT  IT IS ONLY UPTREND

At this latest price point, the cryptocurrency had climbed more than 170% since December and right know it is climbing the prices it may never see again. You may look back in a year and feel surprised that bitcoin was being traded at $8000.

BTC Strong Momentum

Charles Hayter, cofounder and CEO of digital currency data platform CryptoCompare, spoke to this momentum, stating that:

“The market is seeing new entrants and excitement on a number of fronts.”

People looking to actively trade and investors who want to buy and hold are both flocking to the space, he stated.

“The rise itself attracts new entrants but there are a number of new developments underpinning the fundamentals,” added Hayter.

Industry ‘Milestones’

Bakkt Futures Trading

Analysts also mentioned the latest news from Bakkt, which recently announced plans to begin testing of bitcoin futures that will be listed, traded and cleared by Intercontinental Exchange, the parent company of both Bakkt and The New York Stock Exchange.

  • Bitcoin has been consolidating around the $8K level for some time now and up is the only tend that market is forcing.
  • The technical image suggests that the Bitcoin bull market is back and prices could be headed substantially higher from here.
  • The fundamental image also appears favorable as Bitcoin’s network effect is likely to expand from here, and Bitcoin has penetrated a very small share of its applicable market.
  • Bitcoin is likely headed to $10K resistance next before this wave ultimately takes prices significantly higher.

Bitcoin Consolidating: Next Stop $10K And Then Higher

Bitcoin (BTC-USD) has been in consolidation mode for about a month now, ever since the digital asset decisively broke out above the $6,500-7,000 level. Bitcoin’s most recent trading range has been between $7,500 and around $8,200, but it appears that Bitcoin is about to break out and test the $10K level next.

Huge Market Potential for Bitcoin

Bitcoin is essentially competing for market share in several markets, including global medium of exchange, and worldwide store of value. If we look at global markets Bitcoin can ultimately be competing in, the picture looks something like this:

Investable Gold: $3.5 trillion
Physical Currencies: $7.6 trillion
M1 World Money Supply: $37 trillion
World Stock Markets: $73 trillion
M3 World Money Supply: $90.4 trillion
Derivative Market: $544 trillion-$1.2 quadrillion
Bitcoin: $142 billion

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Source:

https://seekingalpha.com/article/4270384-bitcoin-likely-headed-10000-possibly-higher

 

 

Mohsen Daemi
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